Wyoming Unemployment Rate Falls to 4.0% in March 2014
The Research & Planning section of the Wyoming Department of Workforce Services reported that the state’s seasonally adjusted1 unemployment rate continued its four-year downward trend and fell from 4.2% in February to 4.0% in March. Unemployment was much lower than its March 2013 level of 4.7% and significantly lower than the current U.S. unemployment rate of 6.7%. Seasonally adjusted employment of Wyoming residents increased, rising by 1,501 individuals (0.5%) from February to March.
Almost all county unemployment rates followed their normal seasonal pattern and decreased from February to March. Employment tends to rise in March, with seasonal job gains in construction, retail trade, professional & business services, and government. The largest unemployment rate decreases were found in Johnson (down from 6.6% to 5.8%), Fremont (down from 6.4% to 5.7%), Sheridan (down from 5.7% to 5.1%), Park (down from 5.9% to 5.3%), and Laramie (down from 5.3% to 4.7%) counties.
Unemployment rates fell from March 2013 to March 2014 in every county, perhaps suggesting economic recovery around the state. The largest decreases occurred in Sheridan (down from 6.8% to 5.1%), Park (down from 6.6% to 5.3%), Teton (down from 5.4% to 4.2%), and Lincoln (down from 7.6% to 6.4%) counties.
Converse County posted the lowest unemployment rate in March (3.1%). It was followed by Sublette (3.3%), Campbell (3.3%), and Albany (3.6%) counties. The highest unemployment rates were found in Lincoln (6.4%), Johnson (5.8%), Big Horn (5.7%), and Fremont (5.7%) counties.
Total nonfarm employment (measured by place of work) rose from 283,400 in March 2013 to 286,800 in March 2014, a gain of 3,400 jobs (1.2%).
1Seasonal adjustment is a statistical procedure to remove the impact of normal regularly recurring events (such as weather, major holidays, and the opening and closing of schools) from economic time series to better understand changes in economic conditions from month to month.
